METROPOLITAN ENTERTAINMENT & CONVENTION AUTHORITY

MECA'S OPERATIONS FOR FISCAL 2024 HAVE ACHIEVED UNPRECEDENTED SUCCESS, SETTING NEW RECORDS ACROSS ALL VENUES AND EVENTS. AT THE CHI HEALTH CENTER ARENA, 26 CONCERTS WERE HELD, FEATURING HIGHLY SOUGHT-AFTER ARTISTS SUCH AS JELLY ROLL, JONAS BROTHERS, SHANIA TWAIN, EAGLES, STEVIE NICKS, OLIVIA RODRIGO AND MULTIPLE SOLD-OUT PERFORMANCES BY ZACH BRYAN. IN ADDITION TO THESE REMARKABLE CONCERTS, THE ARENA ALSO HOSTED THE RETURN OF CREIGHTON REGULAR-SEASON MEN'S BASKETBALL, THE INAUGURAL SEASON OF THE SUPERNOVASOMAHA'S FIRST WOMEN'S PROFESSIONAL VOLLEYBALL FRANCHISEAND A HIGHLY ANTICIPATED RETURN OF MARCH MADNESS, WHICH SAW MIDWEST TEAMS IOWA STATE AND ILLINOIS ADVANCE TO THE SWEET 16. THESE EVENTS, AMONG OTHERS, HELPED THE ARENA WELCOME OVER 824,000 GUESTS THROUGHOUT THE FISCAL YEAR. THE CHI HEALTH CENTER CONVENTION CENTER ALSO EXPERIENCED SIGNIFICANT DEMAND, ACCOMMODATING OVER 237,000 GUESTS ACROSS 254 EVENT DAYS. THESE INCLUDED 50 CITYWIDE EVENTS, 18 CONSUMER SHOWS AND 186 ADDITIONAL EVENTS, ENCOMPASSING A RANGE OF PHILANTHROPIC GATHERINGS, SPORTS COMPETITIONS AND VIP PRE-CONCERT ACTIVITIES. MECA'S CONVENTION CENTER TEAM HAS SUCCESSFULLY SECURED MULTI-YEAR, REPEAT BUSINESS, WHILE SHOWCASING DOWNTOWN OMAHA'S GROWING ATTRACTIONS. A LARGE PORTION OF FISCAL 2024 WAS DEDICATED TO PLANNING AND DESIGNING AN EXPANSION THAT WILL ADD 256,140 SQUARE FEET OF MEETING SPACE. THIS EXPANSION IS CURRENTLY UNDER CONSTRUCTION, AND IN NOVEMBER 2024, OMAHA VOTERS APPROVED THE ISSUANCE OF $100 MILLION IN GENERAL OBLIGATION BONDS TO PARTIALLY FUND THE $175 MILLION PROJECT. UPON COMPLETION, THE EXPANSION WILL ENABLE MECA TO HOST LARGER AND CONCURRENT EVENTS, SIGNIFICANTLY ENHANCING ITS COMPETITIVE STANDING WITHIN THE INDUSTRY AND GENERATING AN ESTIMATED $1.2 BILLION IN ADDITIONAL ECONOMIC IMPACT, AS REPORTED IN A STRATEGIC DATABASE RESEARCH STUDY COMMISSIONED BY MECA AND VISIT OMAHA. FURTHERMORE, THE $25 MILLION ALLOCATED FOR THE MODERNIZATION OF EXISTING EQUIPMENT AND FINISHES WILL ENSURE THAT ALL SPACES WITHIN THE CONVENTION CENTER ALIGN WITH THE DESIGN OF THE NEW EXPANSION, CREATING A COHESIVE AND STATE-OFTHE-ART ENVIRONMENT FOR CLIENTS. CHARLES SCHWAB FIELD OMAHA (CSFO) HAD ANOTHER HIGHLY SUCCESSFUL YEAR, CULMINATING IN RECORDBREAKING PARTNER REVENUES DURING THE 2024 MEN'S COLLEGE WORLD SERIES (MCWS). THE THRILLING CHAMPIONSHIP, IN WHICH THE TENNESSEE VOLUNTEERS TRIUMPHED OVER THE TEXAS A&M AGGIES TO CLAIM THEIR FIRST NATIONAL TITLE, FURTHER ELEVATED THE PRESTIGE OF THE EVENT. IN ADDITION TO THE MCWS, CSFO HOSTED ALL HOME GAMES FOR THE CREIGHTON BLUEJAYS, THE BIG TEN BASEBALL TOURNAMENT, AND THE HIGH SCHOOL BASEBALL NATIONAL CHAMPIONSHIP. CONTRACTUALLY, MECA IS RESPONSIBLE FOR THE FIRST $100,000 OF STADIUM PROFITS OR LOSSES. FOR FISCAL 2023-2024, CSFO GENERATED A PROFIT OUTSIDE OF THE NCAA MEN'S COLLEGE WORLD SERIES OF $828,000, OF WHICH MECA RETAINED $100,000. THE REMAINING $728,000 WILL BE REMITTED TO THE CITY OF OMAHA UPON ISSUANCE OF THIS REPORT. MECA'S WHOLLY OWNED SUBSIDIARY, MECA TRI-PARK COMPLEX, LLC, BRANDED AS "THE RIVERFRONT," CELEBRATED A HIGHLY SUCCESSFUL YEAR MANAGING ALL THREE PARKS, NOW OPEN TO THE PUBLIC. THIS HIGHLY ACTIVATED PARK SPACE HOSTED NUMEROUS COMMUNITY EVENTS, FESTIVALS AND CONCERTS INCLUDING THE NEBRASKA CROSSROADS MUSIC FESTIVAL CO-COMMISSIONED WITH THE NEW YORK PHILHARMONIC, THE MIDWEST FEST MAKERS AND CRAFT MARKET, FIDOFEST FOR PET OWNERS AND ENTHUSIASTS AND A SOLAR ECLIPSE PARTY, JUST TO NAME A FEW OF THE INNOVATIVE ACTIVATIONS ORCHESTRATED BY THE PARK'S PROGRAMMING TEAM. FINANCIALLY, FISCAL 2023-2024 MARKED A HISTORIC ACHIEVEMENT FOR MECA, WITH RECORD PROFITS BEFORE DEPRECIATION AND AMORTIZATION. THE AUTHORITY POSTED A NET PROFIT OF $11.5 MILLION BEFORE DEPRECIATION AND AMORTIZATION, AND $8.3 MILLION AFTER DEPRECIATION AND AMORTIZATION FOR CHI HEALTH CENTER OMAHA (CHIHCO). THESE RESULTS REFLECT MECA'S SUSTAINED SUCCESS AND HIGHLIGHT ITS ROLE AS A KEY DRIVER OF OMAHA'S ECONOMIC VITALITY, REINFORCING ITS REPUTATION AS A LEADER IN EVENT MANAGEMENT, VENUE OPERATIONS, AND COMMUNITY ENGAGEMENT. THROUGH CONTINUED GROWTH, EXPANSION, AND OUTSTANDING SERVICE, MECA REMAINS A CENTRAL FORCE IN SHAPING OMAHA'S REPUTATION AS A DYNAMIC, WORLD-CLASS DESTINATION FOR ENTERTAINMENT, CULTURE, AND ECONOMIC DEVELOPMENT. YEAR NET PROFIT DEPRECIATION NET (LOSS) BEFORE PROFIT AFTER DEPRECIATION DEPRECIATION 2024 $11,535,000 $3,245,000 $8,290,000 2023 $7,436,000 $3,072,000 $4,364,000 2022 $4,954,000 $2,782,000 $2,172,000 2021 $8,328,000 $2,990,000 $5,338,,000 2020 $178,000 $2,924,000 ($2,712,000) MECA'S EXCEPTIONAL FINANCIAL MANAGEMENT HAS ENABLED THE AUTHORITY TO BUILD SUBSTANTIAL RESERVES AND FUND NUMEROUS CAPITAL IMPROVEMENT PROJECTS OVER THE YEARSWITHOUT BURDENING TAXPAYERS. IN FISCAL 2023-2024, MECA FURTHER ENHANCED ITS FISCAL STRENGTH BY SECURING FUNDING FROM THE NEBRASKA DEPARTMENT OF ECONOMIC DEVELOPMENT (NDED) THROUGH THE SHOVEL-READY CAPITAL IMPROVEMENT PROJECT GRANT PROGRAM. THIS GRANT WAS SPECIFICALLY AIMED AT SUPPORTING PROJECTS DELAYED DURING THE COVID-19 PANDEMIC DUE TO ECONOMIC UNCERTAINTY. MECA'S BOARD OF DIRECTORS DESIGNATED THESE GRANT RECEIPTS BACK INTO THE CHIHCO AND CSFO CAPITAL RESERVE FUNDS, WITH A FOCUS ON OFFSETTING EXPENDITURES FROM PRIOR FISCAL YEARS RELATED TO THE INSTALLATION OF TRAFFIC SAFETY BARRIERS ACROSS THE MECA CAMPUS. THIS STRATEGIC USE OF FUNDS ENSURES BOTH THE ONGOING IMPROVEMENT OF MECA'S FACILITIES AND ITS CONTINUED FINANCIAL STABILITY. SEE NOTE A - CAPITAL IMPROVEMENT, REPAIR AND REPLACEMENT RESERVES OF THE NOTES TO FINANCIAL STATEMENTS" FOR A COMPLETE DISCUSSION OF HOW MECA'S CAPITAL RESERVES ARE FUNDED.